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Learning, Sharing, and Teaching => Ask a Mustachian => Topic started by: midweststache on January 05, 2015, 06:44:35 PM

Title: Tax Question - Not married, but combined interest-accruing accounts?
Post by: midweststache on January 05, 2015, 06:44:35 PM

OK, this may seem incredibly menial, but the BF and I combined finances last year. We are both on our interest-bearing checking and our interest-bearing savings account. We are not married, but are getting married soon so this is the only year in which this question will be relevant:

When filing our income for 2014, do we both claim the income (interest) on these two accounts? Does only one of us claim the income? And if so, does it matter who claims?

Title: Re: Tax Question - Not married, but combined interest-accruing accounts?
Post by: MDM on January 05, 2015, 07:21:04 PM

Only one: whoever gets the 1099 form showing the interest credited to their SS number.

Title: Re: Tax Question - Not married, but combined interest-accruing accounts?
Post by: MDM on January 05, 2015, 07:51:43 PM

Quote from: Cathy on January 05, 2015, 07:29:03 PM

The exact procedure is discussed in more detail in IRS Publication 550 under the heading "Nominee distributions (http://www.irs.gov/publications/p550/ch01.html#en_US_2013_publink100010061)".

Thanks - nice to know.  Never have been in that situation, but good to know just in case....

Title: Re: Tax Question - Not married, but combined interest-accruing accounts?
Post by: midweststache on January 06, 2015, 09:33:47 AM

Thanks everyone! Huge help.